Morning Brief May 22nd, 2024

FINANCIAL MARKETS HEADLINES

| MOROCCO | BCP | NIGS up 78% in Q1 2024

| MOROCCO | LABEL VIE | Consolidated revenue up 1% in Q1 2024

In Q1 2024, Label Vie's consolidated revenue stood at MAD 3,825 Mn against MAD 3,777 Mn in Q1 2023, recording an increase of
1.3%.

ECONOMIC HEADLINES

| MOROCCO | PUBLIC FINANCES | Figures at the end of April 2024
At the end of April 2024, Treasury ordinary revenue increased by 17.3% to MAD 114.4 Bn. This trend reflects the increase of 12.3%
in tax revenue to MAD 102.7 Bn and 119.4% in non-tax revenue to MAD 10.0 Bn.
Meanwhile, overall expenses reached 120.4 Bn, up 8.6%, taking into account a 3.0% increase in ordinary expenses to MAD 103.6
Bn and 0.7% increase in CAPEX to MAD 30.2 Bn. Note that the subsidies expenses settled at MAD 10.4 Bn during the same period,
down 12.2%.

| MALI | INFLATION | An inflation rate of 0,9% in April 2024

According to the National Institute of Statistics of Mali, the Harmonized Consumer Prices Index rose by 1.3% in April 2024 compared to the previous month. On annual basis, the inflation rate stood at 0.9%.